National Pension Service Acquires 33,757 Shares of Devon Energy Corp (NYSE:DVN)
National Pension Service boosted its stake in Devon Energy Corp (NYSE:DVN) by 5.3% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 666,733 shares of the energy company’s stock after buying an additional 33,757 shares during the period. National Pension Service owned approximately 0.17% of Devon Energy worth $16,042,000 as of its most recent filing with the SEC.
Other institutional investors also recently added to or reduced their stakes in the company. AE Wealth Management LLC bought a new position in shares of Devon Energy during the second quarter worth approximately $220,000. Arden Trust Co bought a new position in Devon Energy during the 2nd quarter worth $300,000. Westside Investment Management Inc. bought a new position in Devon Energy during the 2nd quarter worth $45,000. First Quadrant L P CA acquired a new stake in shares of Devon Energy during the second quarter worth $1,212,000. Finally, Arizona State Retirement System lifted its holdings in shares of Devon Energy by 117.7% during the second quarter. Arizona State Retirement System now owns 183,210 shares of the energy company’s stock worth $5,225,000 after buying an additional 99,049 shares in the last quarter. 87.82% of the stock is currently owned by hedge funds and other institutional investors.
DVN has been the topic of several research reports. Guggenheim set a $35.00 price target on shares of Devon Energy and gave the company a “buy” rating in a research note on Wednesday, August 21st. Seaport Global Securities lowered shares of Devon Energy from a “buy” rating to a “neutral” rating in a research report on Thursday, October 10th. Mitsubishi UFJ Financial Group lifted their price target on shares of Devon Energy to $36.00 and gave the company a “neutral” rating in a research report on Thursday, August 8th. Morgan Stanley cut their price target on Devon Energy from $30.00 to $27.00 and set an “equal weight” rating for the company in a research note on Friday, October 4th. Finally, Evercore ISI reissued a “hold” rating and set a $30.00 price target on shares of Devon Energy in a research report on Monday, November 11th. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating and ten have assigned a buy rating to the company’s stock. Devon Energy presently has a consensus rating of “Hold” and a consensus target price of $35.32.
Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, November 5th. The energy company reported $0.29 earnings per share for the quarter, beating analysts’ consensus estimates of $0.19 by $0.10. The firm had revenue of $1.85 billion for the quarter, compared to analyst estimates of $1.57 billion. Devon Energy had a net margin of 16.00% and a return on equity of 6.37%. During the same quarter last year, the business posted $0.63 earnings per share. On average, equities research analysts anticipate that Devon Energy Corp will post 1.26 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 13th will be issued a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a dividend yield of 1.65%. The ex-dividend date of this dividend is Thursday, December 12th. Devon Energy’s dividend payout ratio (DPR) is 27.91%.
About Devon Energy
Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States and Canada. It operates approximately 12,900 gross wells. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.
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